What should Chilliwack know about the affect of 100% Rental Income one year after its introduction?

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With the PNE on and the amazing weather we’ve been having, it’s hard to stay in “work mode”. You can see enjoyment on the faces of some of our screaming kids Tuesday on the Pirate Ship ride while we were skipping work! We couldn’t pass up the free gate admission at the PNE on Tuesdays. If you missed the deals this year there’s always next year! They have  Free Admission days on Tuesday’s  from 11am – 1pm. They also offer FREE gate admission on Wednesday’s from 11am – 1pm !

As we walked around the fair eating our candy apples and mini doughnuts we still managed to talk about what our industry is doing and where it’s going. For instance, you may or may not have heard that recently CMHC allows 100% of rental suite income opposed to the previous 50%.  Cities such as Chilliwack & Mission do not qualify as they do not have traditional legal suite rules like Abbotsford. But our team has a solution through a second party insurer named GE to use Chilliwack and Missions full rental incomes to qualify. This allows us to use 100% rental income in Chilliwack and Mission despite not having legal suites. This all means better mortgage qualifications for those desperate to climb the property ladder and get into their dream home.

  • FREE PNE GATE PASS TUESDAY’S
  • 2 FOR 1 PNE WILD RIDE PASSES WEDNESDAY’S

Here is a link that explains more about what qualifies as a legal rental suite. We hope these blog help inspire you to seek out the right information before you purchase or refinance next. If you have recently been turned down by your bank for a mortgage because of too high reliance on rental income or have received a pre-approval for less than you wanted call us right away. We will show you how to take advantage of these newer rental income rules!

Our number 1 job as your Mortgage Broker is to go above and beyond for you by representing you to the best of our ability. We work for you, not the bank.

 

By Referral Mortgage Consultants*

“Click, Call, Chat – Award Winning Brokers”

Dave  604 897 2741 Jordi 604 615 1312
www.ChilliwackMortgageBroker.com

www.AbbotsfordsMortgageBroker.com

 www.BRMC.ca

 www.PeaceOfficeMortgageBroker.com

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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.

 

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